There’s nothing wrong with American exceptionalism, as long as it doesn’t become an excuse for ignorance. In the case of the ideological crusade to destroy the Export-Import Bank, though, it has. Virtually everything critics say about the bank on close inspection turns out to be wrong. Ex-Im’s opponents seem oblivious to the most basic information, such as the fact that America’s trade deficit cut U.S. growth by one percentage point last year; that Ex-Im doesn’t hand out subsidies but just about everybody else does; that private lenders, like small businesses, rely on Ex-Im; that there is very little risk associated with Ex-Im activities; and that Red States are heavy users of Ex-Im programs. I have written a commentary for Forbes here.
Find Archived Articles: